APAC

Packaged food sales in Asia Pacific grew by 2.5% between 2018 and 2023.

It blends data, creativity, and cutting-edge technology to reshape consumer experiences.

It is driven by the rising demand for cosmetic products and a shift towards natural ingredients.

Retailers must integrate IoT devices with intelligent AI systems to optimise and enhance store operations.

Salty snacks show fastest growth at 19%.

About 38% prioritise premium ingredients over brand names in skincare.

The financial terms were not disclosed.

The region’s unique market dynamics pushes retailers to be more innovative.

It is driven by the increasing demand for premium fruit tea and new flavors. 

The brand’s efforts include responsible ingredient sourcing, eco-friendly packaging, and energy-efficient practices.

Retailers are expected to prioritise cost efficiency to sustain profitability.

It has already created over 100 sewing and garment-making tools for its suppliers.

Key innovations focus on skin and hair care.

A unified customer experience across both physical and digital platforms is crucial.

2024 is proving to be a challenging year for luxury across Asia. The first half of the year has seen significant sales declines for most luxury and mid-tier brands across the region. This is largely due to a slowdown in China with fewer Chinese travelling as a result of the poor economy. With residential prices falling, unemployment growing and the stock market ailing, most people in China are preferring to save their money rather than spend it. Only the super-rich have the appetite to keep spending on luxury.

Modern consumers are seeking versatile products with minimal environmental impact.